$3.1 Million Cash-Out Refinance-only 52% occupied!

Posted by in Brian's Blog, Commercial Real Estate, Recent Closings

Where? Jackson, MS

Borrower had bought the property for $1.6 Million in 2011 with private money financing that WE provided!  He too the occupancy from a low of 16% when he bought it up to 52% but it was still much too low of an occupancy level to get conventional financing.  The cash flow was strong and the property appraised at $5 Million but no one was willing to lend to him with just a 50% occupancy except private money lenders and he was already with a private money lender.  But we got it done with an Alt-A lender that brought his interest rate from 12% interest only down to 7% fixed for 5 years with a 30 year amortization.  This gave him over a million dollars cash out and gave him time to keep getting the occupancy higher.  We closed the loan in 35 days start to finish.  When you have a property with less than 75% occupancy or you need to tap equity in a property, give me a call at 866-355-1244!  I will pre-qualify you in minutes and tell you what I need for approval.  Once you get that basic info in to me I can have approval in writing in 48 hours-no cost, no risk.  One call does it all call me today!